Is there a object organization system in Blender?

Chetan1991

Youngling
Hello.
I've just started learning Blender, and I noticed no obvious object organization system similar to that of Flash.

In Flash assets can be saved as symbols, which reside in a library and contain their own layers in which you can create shapes or place other symbol instances. These symbols are of three types; graphics, movies or buttons, and can be placed on the stage to create movies.

In short, I find the Object Oriented model of organization in Flash very useful for creating and organizing complex objects / scenes.
Is there any such system in Blender?
All I've found there is the parenting system, where one object's transformations affect its children objects, but that's nowhere as useful as Flash's approach.

What I want to achieve is to be able to treat a collection of objects as a single object, to be able to edit it outside of scene its placed in, and edit the constituent objects individually as well.
 
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